The conversion of resources into consumer goods or services is called
A) human capital.
B) production.
C) opportunity cost.
D) consumption.
Answer: B
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If nominal GDP is $12,000 and the GDP deflator is 80, then real GDP is $15,000
a. True b. False Indicate whether the statement is true or false
When competition is present and property rights secure, people will be encouraged to
What will be an ideal response?
If a firm that pollutes wants to maximize profits, it will produce where
A. Marginal revenue and private marginal cost are equal. B. The social value of production equals the social cost of production. C. Social benefits exceed social costs. D. Private and social costs are equal.
Sam, who is 55 years old and has been a steelworker for 30 years, is unemployed because the steel plant in his town closed and moved to Mexico. Sam is experiencing:
A) cyclical unemployment. B) permanent unemployment. C) frictional unemployment. D) structural unemployment.